US is the best place for drug companies to invest, says boss of London-based GSK

The chief executive of GSK has declared that the US is the best place for pharmaceutical companies to invest.Emma Walmsley said the US led the world in launches of drugs and vaccines and, alongside China, was the best market for business development.She is the latest boss of a leading UK drugmaker to talk up business opportunities on the other side of the Atlantic, after AstraZeneca’s Pascal Soriot hailed the “vital importance of the US”.The UK government, which has been trying to strengthen the pharmaceutical sector, confirmed on Wednesday that the proportion of revenues from new medicine sales that companies need to pay back to the NHS would fall next year – from 22.5% to under 15%

Disney to invest $1bn in OpenAI, allowing characters in Sora video tool

Walt Disney has announced a $1bn equity investment in OpenAI, enabling the AI startup’s Sora video generation tool to use its characters.Users of Sora will be able to generate short, user-prompted social videos that draw on more than 200 Disney, Marvel, Pixar and Star Wars characters as part of a three-year licensing agreement between OpenAI and the entertainment giant.The agreement – a landmark deal amid intense anxiety in Hollywood over the impact of artificial intelligence on the future of entertainment – will not cover talent likenesses or voices.Bob Iger, Disney’s CEO, hailed a deal which paired his firm’s “iconic stories and characters” with OpenAI’s AI technology. It will place “imagination and creativity directly into the hands of Disney fans in ways we’ve never seen before”, he claimed

EU watchdogs raid Temu’s Dublin HQ in foreign subsidy investigation

Temu’s European headquarters in Dublin have been raided by EU regulators investigating a potential breach of foreign subsidy regulations.The Chinese online retailer, which is already in the European Commission’s spotlight over alleged failures to prevent illegal content being sold on its app and website, was raided last week without warning or any subsequent publicity.“We can confirm that the commission has carried out an unannounced inspection at the premises of a company active in the e-commerce sector in the EU, under the foreign subsidies regulation,” a commission spokesperson said on Thursday.Temu was approached for comment.Its headquarters are on St Stephen’s Green, one of Dublin’s most prestigious addresses

No guarantee tobacco tax cut would lure Australian smokers from illegal trade and raise more revenue, report says

Slashing the tobacco excise might not be enough to lure smokers back to legal cigarettes, and could even widen the multi-billion dollar hole blown in the budget by the booming illicit trade, new research shows.The analysis from the e61 Institute comes as Jim Chalmers revealed next week’s mid-year fiscal update will reveal an extra $12.7bn in unanticipated spending, including an additional $6.3bn in higher than expected disaster relief payments.The treasurer said “the biggest job … has been making room for unavoidable pressures and payments without a substantial deterioration in the bottom line”

Fed cuts interest rates by a quarter point amid apparent split over US economy

The US Federal Reserve announced on Wednesday that it was cutting interest rates by a quarter point for the third time this year, as the embattled central bank appeared split over how best to manage the US economy.The Fed chair, Jerome Powell, has emphasized unity within the Federal Open Market Committee (FOMC), the board of Fed leaders that sets interest rates. But the nine-to-three vote to lower rates to a range of 3.5% to 3.75% was divisive among the committee that tends to vote in unanimity

Leon to cut jobs and close fast food restaurants

Fast food chain Leon is planning to close restaurants and cut jobs, less than two months after it was bought back from Asda by its co-founder John Vincent.The chain said on Wednesday that it had appointed administrators to lead a restructuring programme, and it was considering how many of its 54 restaurants would need to shut. It did not say how many roles could be affected.Vincent, who founded Leon in 2004 with Henry Dimbleby, who later became a government food tsar, and chef Allegra McEvedy, bought the business back in October, four years after he sold it to the billionaire Issa brothers’ EG Group petrol forecourts business in a £100m deal.The chain has now hired advisers from Quantuma after applying for an administration order, and aims to put the business into administration as soon as possible, a process which will help it to manage debt payments as it attempts to secure its long-term future